Nonlinearity Bounded Rationality And Heterogeneity

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Nonlinearity Bounded Rationality And Heterogeneity

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Author : Tamotsu Onozaki
language : en
Publisher: Springer
Release Date : 2018-01-28

Nonlinearity Bounded Rationality And Heterogeneity written by Tamotsu Onozaki and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-28 with Business & Economics categories.

This book pursues a nonlinear approach in considering both chaotic dynamical models and agent-based simulation models of economics, as well as their dynamical behaviors. Three key concepts arising in this context are “nonlinearity,” “bounded rationality” and “heterogeneity,” which also make up the title of the book. Nonlinearity is the warp that runs throughout all models because systems that exhibit chaotic or other complex behavior in the absence of any exogenous disturbances are absolutely nonlinear. Bounded rationality constitutes the woof, because economic systems do not exhibit complex behavior if all agents are perfectly rational, as is usually assumed in neoclassical economics. Agents who are boundedly rational have to struggle to do their best with limited information and tend to adapt to their economic environment without knowing what is the best. Furthermore, the heterogeneity of firms or consumers dyes the fabric of complex dynamics woven from the warp and woof.

Bounded Rationality And Heterogeneity In Economic Dynamic Models

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Author : Pietro Dino Enrico Dindo
language : en
Publisher: Rozenberg Publishers
Release Date : 2007

Bounded Rationality And Heterogeneity In Economic Dynamic Models written by Pietro Dino Enrico Dindo and has been published by Rozenberg Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Economic modelling categories.

Nonlinear Dynamics And Heterogeneous Interacting Agents

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Author : Thomas Lux
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-06-06

Nonlinear Dynamics And Heterogeneous Interacting Agents written by Thomas Lux and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-06-06 with Business & Economics categories.

Economic application of nonlinear dynamics, microscopic agent-based modelling, and the use of artificial intelligence techniques as learning devices of boundedly rational actors are among the most exciting interdisciplinary ventures of economic theory over the past decade. This volume provides us with a most fascinating series of examples on "complexity in action" exemplifying the scope and explanatory power of these innovative approaches.

Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems

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Author : Cars Hommes
language : en
Publisher: Cambridge University Press
Release Date : 2013-01-24

Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems written by Cars Hommes and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-24 with Business & Economics categories.

Recognising that the economy is a complex system with boundedly rational interacting agents, the book presents a theory of behavioral rationality and heterogeneous expectations in complex economic systems and confronts the nonlinear dynamic models with empirical stylized facts and laboratory experiments. The complexity modeling paradigm has been strongly advocated since the late 1980s by some economists and by multidisciplinary scientists from various fields, such as physics, computer science and biology. More recently the complexity view has also drawn the attention of policy makers, who are faced with complex phenomena, irregular fluctuations and sudden, unpredictable market transitions. The complexity tools - bifurcations, chaos, multiple equilibria - discussed in this book will help students, researchers and policy makers to build more realistic behavioral models with heterogeneous expectations to describe financial market movements and macro-economic fluctuations, in order to better manage crises in a complex global economy.

Nonlinear Economic Dynamics And Financial Modelling

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Author : Roberto Dieci
language : en
Publisher: Springer
Release Date : 2014-07-26

Nonlinear Economic Dynamics And Financial Modelling written by Roberto Dieci and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-26 with Business & Economics categories.

This book reflects the state of the art on nonlinear economic dynamics, financial market modelling and quantitative finance. It contains eighteen papers with topics ranging from disequilibrium macroeconomics, monetary dynamics, monopoly, financial market and limit order market models with boundedly rational heterogeneous agents to estimation, time series modelling and empirical analysis and from risk management of interest-rate products, futures price volatility and American option pricing with stochastic volatility to evaluation of risk and derivatives of electricity market. The book illustrates some of the most recent research tools in these areas and will be of interest to economists working in economic dynamics and financial market modelling, to mathematicians who are interested in applying complexity theory to economics and finance and to market practitioners and researchers in quantitative finance interested in limit order, futures and electricity market modelling, derivative pricing and risk management.

Quantitative And Empirical Analysis Of Nonlinear Dynamic Macromodels

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Author : Carl Chiarella
language : en
Publisher: Emerald Group Publishing
Release Date : 2006-05-30

Quantitative And Empirical Analysis Of Nonlinear Dynamic Macromodels written by Carl Chiarella and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-30 with Business & Economics categories.

This book represents an ongoing research agenda the aim of which is to contribute to the Keynesian paradigm in macroeconomics. It examines the Dynamic General Equilibrium (DGE) model, the assumption of intertemporal optimizing behavior of economic agents, competitive markets and price mediated market clearing through flexible wages and prices.

Nonlinear Dynamical Systems In Economics

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Author : Marji Lines
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-03-23

Nonlinear Dynamical Systems In Economics written by Marji Lines and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-23 with Business & Economics categories.

Many problems in theoretical economics are mathematically formalized as dynam ical systems of difference and differential equations. In recent years a truly open approach to studying the dynamical behavior of these models has begun to make its way into the mainstream. That is, economists formulate their hypotheses and study the dynamics of the resulting models rather than formulating the dynamics and studying hypotheses that could lead to models with such dynamics. This is a great progress over using linear models, or using nonlinear models with a linear approach, or even squeezing economic models into well-studied nonlinear systems from other fields. There are today a number of economic journals open to publishing this type of work and some of these have become important. There are several societies which have annual meetings on the subject and participation at these has been growing at a good rate. And of course there are methods and techniques avail able to a more general audience, as well as a greater availability of software for numerical and graphical analysis that makes this type of research even more excit ing. The lecturers for the Advanced School on Nonlinear Dynamical Systems in Economics, who represent a wide selection of the research areas to which the the ory has been applied, agree on the importance of simulations and computer-based analysis. The School emphasized computer applications of models and methods, and all contributors ran computer lab sessions.

The Non Linear World A Probabilistic Exploration

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Author : Pasquale De Marco
language : en
Publisher: Pasquale De Marco
Release Date : 2025-04-13

The Non Linear World A Probabilistic Exploration written by Pasquale De Marco and has been published by Pasquale De Marco this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-04-13 with Mathematics categories.

Embark on an intellectual odyssey into the captivating world of non-linear probability, where traditional notions of chance and randomness are challenged, and new insights into complex systems are revealed. This comprehensive guidebook delves into the depths of non-linear probability, exploring its mathematical foundations, its diverse applications, and its profound implications for our understanding of the universe. Within these pages, you will discover a paradigm shift in probability theory, where linearity gives way to a more intricate and dynamic reality. Explore the fascinating world of non-linear stochastic processes, uncovering their relevance in modeling market fluctuations, biological phenomena, and the intricate patterns of human behavior. Witness the emergence of non-linear statistical methods, empowering us to analyze and interpret data in non-linear settings, extracting valuable insights from complex systems. Delve into the intriguing interplay between non-linear probability and complexity, revealing how seemingly chaotic systems can exhibit remarkable patterns and self-organization. Discover the profound implications of non-linearity for fields ranging from finance and engineering to biology and social sciences, gaining a deeper understanding of the forces that shape our world. This book serves as an essential resource for researchers, students, and professionals seeking to expand their knowledge in non-linear probability. With its rigorous mathematical foundations, its wide-ranging applications, and its insightful exploration of contemporary research frontiers, this book is an invaluable guide to the ever-evolving field of non-linear probability. **Key Features:** * Comprehensive coverage of the mathematical foundations of non-linear probability * In-depth exploration of applications across diverse fields, including finance, biology, and social sciences * Examination of the relationship between non-linear probability and complexity * Discussion of contemporary research frontiers, including non-linear probability and quantum mechanics, artificial intelligence, and neuroscience * Rigorous mathematical treatment accessible to readers with a strong foundation in probability theory **Benefits:** * Gain a deeper understanding of non-linear probability and its implications for various fields * Enhance your ability to analyze and interpret data in non-linear settings * Uncover new insights into the nature of complexity and uncertainty * Stay abreast of the latest advancements in non-linear probability research **Target Audience:** * Researchers and students in probability theory, statistics, and related fields * Professionals in finance, engineering, biology, and social sciences seeking to apply non-linear probability to their work * Anyone with a strong interest in exploring the frontiers of probability theory and its applications If you like this book, write a review on google books!

Handbook Of Financial Markets Dynamics And Evolution

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Author : Thorsten Hens
language : en
Publisher: Elsevier
Release Date : 2009-06-12

Handbook Of Financial Markets Dynamics And Evolution written by Thorsten Hens and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-12 with Business & Economics categories.

The models of portfolio selection and asset price dynamics in this volume seek to explain the market dynamics of asset prices. Presenting a range of analytical, empirical, and numerical techniques as well as several different modeling approaches, the authors depict the state of debate on the market selection hypothesis. By explicitly assuming the heterogeneity of investors, they present models that are descriptive and normative as well, making the volume useful for both finance theorists and financial practitioners. - Explains the market dynamics of asset prices, offering insights about asset management approaches - Assumes a heterogeneity of investors that yields descriptive and normative models of portfolio selections and asset pricing dynamics

Encyclopedia Of Nonlinear Science

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Author : Alwyn Scott
language : en
Publisher: Routledge
Release Date : 2006-05-17

Encyclopedia Of Nonlinear Science written by Alwyn Scott and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-17 with Reference categories.

In 438 alphabetically-arranged essays, this work provides a useful overview of the core mathematical background for nonlinear science, as well as its applications to key problems in ecology and biological systems, chemical reaction-diffusion problems, geophysics, economics, electrical and mechanical oscillations in engineering systems, lasers and nonlinear optics, fluid mechanics and turbulence, and condensed matter physics, among others.